A £1m investment has been made into County Durham solar power specialist Power Roll to help it scale up and commercialise its innovative products worldwide.
Power Roll has developed an ultra-thin solar film which can generate and store electricity, and which can be installed on a raft of surfaces including rooftops and sides of buildings, as well as off-grid applications to provide portable power. The firm’s solar film is capable of producing green electricity that is significantly cheaper to make than existing flexible solar photovoltaic (PV) technologies.
The Jade Business Park based business has now received a further £1m following a funding round led by Maven Capital Partners. The transaction is made up of two investments from Maven-managed regional funds including a £750,000 investment from the North East Development Capital Fund, supported by the European Regional Development Fund, and a £250,000 investment from the Finance Durham Fund, established by Durham County Council and overseen by Business Durham.
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The deal comes three years after Maven contributed a £250,000 investment through the Finance Durham Fund, before leading an additional £2.5m funding round in 2021 from the Finance Durham Fund and the North East Development Capital Fund. Power Roll opened its solar film pilot manufacturing facility at the Seaham business park last year, making it the first facility in the world to produce low-cost, lightweight, flexible solar film using its patented technology.
The seven-figure sum will be used to launch a programme of growth and to continue product development, allowing for the production of its innovative solar film to be commercialised on a global scale. It is hoped that the investment will place the firm at the forefront of the growing solar sector which is expected to be the fastest-growing energy market by the end of the year, with the global solar energy market expected to exceed $220bn this year.
Neil Spann, managing director at Power Roll, said: “We are delighted by the support that Michael and Maven have provided to Power Roll since its initial investment. Maven share our vision for the future of the business and we are grateful for this further investment.
"Our mission is to revolutionise solar energy powering a global rooftop solar revolution from here in County Durham. The need for low-cost clean energy has never been greater and our solar film has the potential to generate solar energy from the billions of square meters of rooftops where the heavy and rigid silicon panels manufactured in China cannot be deployed.”
Michael Dickens, investment manager at Maven, said: “We originally invested in Power Roll in 2020 and have been pleased to witness the number of development, technical and commercial milestones the company has achieved over the last three years, with its disruptive solar film technology. Neil leads a highly professional team with the right knowledge and scientific experience to drive the business forward and commercialise the technology. With green energy more important than ever, Power Roll looks set to drive innovation and produce next-generation solar solutions to assist with the transition towards a more sustainable electrical generation system.”
Coun James Rowlandson, portfolio holder for resources, investment and assets at Durham County Council, said: “The innovative solar film technology developed by Power Roll has the potential to revolutionise the solar energy industry, providing ultra-low-cost green electricity on a global scale. We are excited to see the positive impact this investment will have on both the local economy and the environment.”
